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Five ways to be more profitable in Forex

Five ways to be more profitable in Forex

Forex can be an intimidating place, especially for beginners. It is full of a lot of promise and potential , but is still one of the many places , people jump in before they do not realize what they are doing. This article is for those who are in trouble and I will share five ways I use to be more efficient in this case.

First, before you start with my list , I wanted first action that can not only lose money in Forex , but can also make a lot of money too. This choice is up to the individual and his own state of mind . The myth that is often portrayed by many is that Forex is a scam or is the same as the game is not a fair trial and a claim made ​​by people who do not know how to trade . The truth is that negotiation is a skill like any other skill .

Entire companies have been formed on it and benefited from it , including banks and investment firms.

Five ways to be more profitable in the Forex :

Know your strategy based on the price action well , focus on your word . Each of us has different ways of how we evaluate exactly the market and each can be profitable. To learn your way though , we must return to test this strategy at least 10 years or more on all maturities and currency pairs they use. This can be done by using a test program back or do it manually with MT4 or similar. Once you become confident after 10 years of back testing your strategy is profitable, then you are ready to negotiate. Before that without back testing , all you 'll do is throw money ..

Learn candle price action stick . This is a must for all traders. This will give a better idea of what the candles have to say and improve profitable. Two models of candle to learn that I recommend are pin bars and candles sinking .

Learn the power structure , the market always follows the structure in order to learn it , it must comply with all policies. By knowing these areas to monitor, you 'll be much more profitable ..

Be careful not to reward in your trading. If the risk is greater than the potential reward then do not negotiate. If the reward is better in line with your strategy then and only then trade. Patience is the key in this case.

The last important step is money management . This means risk per trade that you are happy to lose , we all have different levels here , but I think 1% to 2 % risk is to follow good amount depending on the size of the account . Say you risk 1% to 3-1 a job that means that if the business is successful, you will be 3% of your account and if you lose on this trade you will lose only 1%. Losing some trades is part of the negotiation and unless it is a part of the management of money , so keep your plan here .